I could never hope anyone is taken away in an orange jumpsuit. Just my kinder, gentler style . . .
It has been envisioned that BIEL has a much brighter future if:
"1. KW and PW's ill-gotten notes were removed from BIEL's balance sheet.
2. KW and PW were fully disgorged
3. KW was removed from BIEL's management team
4. Shareholder rights were honored"
My opinion is that the #1 above should happen, immediately, as a wise strategy to create more wealth for shareholders, including the Whelan family, by taking a huge load off the company's ability to run higher and have greater price sustainability, when deals are announced. Conversion of the convertible loans and looming billions of additional shares to conventional debt will make the Whelans more in the end. If that cannot be seen, heaven help the them.
It can be noted that there has been a very positive change in the BoD, only a few days ago.
KK Whelan cannot and now, with recent hints of stronger management, should not be removed from the management team. Won't happen, so moot point.
One has to pick one's battles, can't win 'em all.
Back on December 6, 2019, I constructed my own BIEL 180 day new day management plan, of things I would like to see happen by sometime in June 2020. I also believed they were all attainable and reasonable, barring inexperience, defiance or ineptness. Report Card time.
SYNOPSIS OF THE 7-STEP MANAGEMENT REMEDIATION PLAN DECEMBER 6 2019
1. SHARE STRUCTURE
- not done, converting to conventional loanis still the wisest path to follow.
2. TRANSPARENCY
- pendulum swung too far, now Ok in not disclosing business strategies and activities that should remain unknown to competitors.
3. FAIR OFFERS TO SHAREHOLDERS
- every shareholder is now able to invest funds in BIEL and receive a Convertible Promissory Note and interest as security. This investment opportunity should cease if deals imminent.
4. TOXICITY
- A good portion of the toxicity is now removed by the reduction of nepotism. Tincture of time is also fine medication, or an ActiPatch for the pain of toxicity.
5. BOARD of DIRECTORS
- vastly improved re nepotism, still requires enlarging to assist Officers of the company
6. COMMUNICATION NALEPKA KONERU
- Communication much improved vis a vis lower quantity, higher quality.
7. NEGOTIATE & SIGN DEALS AND DELIVER ON ALL PROMISES!
- After share structure, the biggest necessity and the silence and signs present today indicate to me that a deal is imminent.
Conclusion - As a report card, it is not all negative - there has been real progress, still more to do and the timing may be more urgent, critical. . . .
I also prepared a mock, DRAFT, Press Release. Sometimes fun to go back and review. Best read to the accompanying music of a suitable concerto. . . .
DRAFT ONLY - "The Board of Directors of BioElectronics Corporation, (the “Company”) manufacturers of ActiPatch, the FDA cleared, patented drug-free, side-effect free miniaturized pain device is pleased to announce the following;
1. Effective immediately, the Board of Directors of the Company welcomes the election and addition of 3 new Directors;
So and so . . . . .
So and so . . . . .
So and so . . . . ;
2. The Board of Directors of the Company also announces, effective immediately, the retirement of Mrs. Patricia Whelan, widow of the late Andrew Whelan, Founder and CEO of the Company. The Board and shareholders thank Mrs. Whelan for her service to the Company during the last few months of important transition. The changes to the Board of Directors increases the number of Directors to 5.
3. The Board of Directors is also pleased to announce the surrender and cancellation of certain Convertible Promissory Note – Common Stock debt instruments held by lenders related to the Whelan family and representing potentially 28 billion common shares of the Company, on conversion, and that the debt related to those Convertible Promissory Notes has been restructured to a more simplified debt format, that is unrelated to the issuance of common shares of the Company. This extremely significant and responsible change initiated by the Whelan family puts in place a more equitable situation for all shareholders and positions the Company in highly positive light to new, potential investors, moving forward.
4. The Board of Directors is also pleased to report that the company and all staff members continue to work diligently and to achieve significant and exciting progress in the area of New Business Development and will advise Shareholders as to progress in a timely manner and when appropriate.
5. The Board of Directors wishes to express its sincere appreciation to all Shareholders for their continuing support and loyalty to the company and its vision with respect to the development of marketing strategies of the ActiPatch family of products.
END OF DRAFT Press Release NOT APPROVED FOR RELEASE
This is not an actual draft of a press release - it is a spoof . . . "
